The lease payments for the company car, used mainly by the VP of sales for visiting clients, are in correctly recorded under VehiclesLeased. The monthly payments are $400 and began on May 1, 2016, for a three-year lease. (Note: only the first 10 months of payments had been made by March 31, 2017.) If PHL had purchased the car, it would have cost $30,000. The car has an expected useful life of six years. Prepare journal entry at March 31, 2017